Madagascar is one of the worst countries to have to send money to. Compared to other countries, your options are severely limited and unfortunately, your options won’t be ideal. That being said, sending money anywhere is fairly simple in 2019, but Madagascar is a relatively difficult destination.
The current exchange rate for the Malagasy Ariary (MGA) is 3,687.4904 MGA per American Dollar (USD) as of the time this was written. The MGA reached a high of 3,743.4510 MGA per USD and a low of 3,679.9998 MGA per USD during the last 90 days. The average exchange rate for the last 90 days was 3,710.5073 MGA per USD.
The average volatility rate for the MGA against the USD was 0.66% for the last 90 days. This is a fairly high volatility rate, although the MGA has demonstrated far less volatility during the last month. In the long term, the MGA has proven itself to be far less predictable than most currencies.
The fastest way to send money to Madagascar is through Western Union’s fast option. With Western Union’s fast option, you can expect your money to reach its destination in a matter of minutes. Cash pickups are the fastest and easiest method to organize, while bank transfers can take longer. The main downside to Western Union’s fast option is the fact that it is more expensive than most of the competition. You can always expect to pay more with Western Union.
The cheapest way to send money to Madagascar is through Western Union’s slow option. Western Union makes most of its money off of hidden currency conversion markups which are typically higher than most of the competitions. They also charge an upfront fee for most services, although this factor makes up a smaller percentage of each transaction. Western Union isn’t cheap, but it’s the cheapest reasonable option for Madagascar.
The easiest way to send money to Madagascar is through WorldRemit. Sending money through WorldRemit is fairly straightforward and requires only a few steps. Once you have the WorldRemit app downloaded and have a balance on the app, you don’t have too many tasks left. WorldRemit offers mobile top-ups, cash pickups, bank transfers, and more.
The overall best way to send money to Madagascar is through Western Union. Western Union has agents in Antsohihy, where cash pickups can be arranged quickly and fairly easily. With Western Union, you can get your money to Madagascar faster and in a safer manner than you would be able to with their competition. Western Union is also one of the most common money transfer services in the world, making it even easier to send money through them.